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NVCA 2020 Outstanding Service Award: Terry McGuire

Due to COVID-19, NVCA was disappointed that we were not be able to celebrate in-person and recognize our VC Award winners at the 2020 Leadership Gala in San Francisco on March 12. In lieu of speeches, we are sharing the incredible achievements of our winners through a blog series highlighting the award recipients’ work and […]

The post NVCA 2020 Outstanding Service Award: Terry McGuire appeared first on National Venture Capital Association – NVCA.

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Due to COVID-19, NVCA was disappointed that we were not be able to celebrate in-person and recognize our VC Award winners at the 2020 Leadership Gala in San Francisco on March 12. In lieu of speeches, we are sharing the incredible achievements of our winners through a blog series highlighting the award recipients’ work and how they are making great strides for American jobs, policy, and innovation.

Read below to find our interview with Terry McGuire of Polaris Partners, winner of the “Outstanding Service Award”:

What does receiving this award mean to you?

I am honored that the NVCA would recognize my work as benefitting the association and the venture industry at large. It is validation of my deeply held beliefs that venture capital is not an individual sport, but one that thrives on teamwork and collaboration, both within an individual firm and between firms. This is a value we have instilled and practiced at Polaris through our consistent approach in syndication, as we believe that the diversity of thought, perspectives, and experiences that comes from a collective of voices ultimately leads to better outcomes. This belief in the strength of community across the industry was foundational to my conceiving and founding of the Global Venture Capital Congress in 2010, when I was chairman of the NVCA and traveling around the world meeting other associations.  I realized then that the associations don’t interact with each other, and recognizing the importance of a globalized outlook in the venture capital industry, I gathered associations from other countries to form this organization, which has since met annually around the world (but for this year, due to COVID-19). This global collaboration is critical in solving the world’s problems, as the challenges and opportunities in front of us are not purely American.

I am immensely proud to be seen as helping the industry, through the receipt of this award.

Do you have a message you’d like to give to others in the industry?

Our industry is in such a unique position to bring good into the world, and I hope that my colleagues in the industry always keep this motivation front of mind. Our industry is one of many sources of capital, but it is unique in its ability to have longer time horizons and bet on people and products that others might not be in a position to. I believe that relationships and treating entrepreneurs as true partners should be at the center of everything we do.

I also believe we should use our unique positions of influence to help enact change for some of our most pressing social and societal issues. The recent events surrounding the disproportionate impact of COVID-19 and the death of George Floyd have brought the tragic racial disparities in our country into a new light. Venture capitalists are not exempt from working to fix this, as this is not simply an issue of politics—economics and opportunity have a huge part to play in changing the experience of Black Americans. This is an issue I have been committed to for years now, through Polaris’ and other firm’s work with the NVCA’s Diversity Task Force and our 2015 pledge to foster diversity and inclusion in the industry, which was recognized by President Barack Obama. We have worked consistently to broaden the number of portfolio leaders who are women and people of color, but we have much work to do, as an industry at large. This problem won’t be fixed overnight, but that does not let any of us off the hook. We as an industry have always run toward the thorniest problems and the issue of racial justice in our country should be no exception.

What does it mean to you to be a leader in the venture community?

I am humbled and thankful to be recognized for my contributions and experience in this industry. I am grateful that in my years in this industry I have seen both the good and the bad. The recession and market chaos set off by this current pandemic can be terrifying for those who have not seen similar downturns before. While the challenges presented by COVID-19 are some of the deepest our society has seen in a long time, I am hopeful that this time will breed important and needed innovation. As a healthcare investor, the companies we back will play a unique role in steering our world out of this crisis and have already begun to do so, and I am honored to be a partner in that.

How do you think others can give back to the venture industry?

We should all be aware of the role and influence we have in advancing innovation that might not otherwise see the light of day. As I said, we are in a unique position to bring products to market that change our world and steer us out of grave challenges such as the current pandemic, not just through healthcare, but through products that touch on the workplace, collaboration, communication, and other paradigms of care. We are also in a unique position of influence in how we choose to back and believe in entrepreneurs. Recent news events have shown that opportunity is not evenly distributed across this country, and venture has an important role to play in elevating entrepreneurs who have not gotten proper recognition for their important talents and contributions.

Why is the work of NVCA so important to the venture industry?

Venture is a unique and sometimes misunderstood source of capital, but one that, as I’ve said above, has a critical role to play in fostering innovation and the betterment of our world. Having a group that is completely dedicated to advocating for our industry amid often complex regulation is essential to enabling us to do our best work. We are all better off for the NVCA’s work.

To learn more about Terry McGuire and Polaris Partners, please visit their website here.

View the full NVCA press release on the announcement here.

Source: https://nvca.org/nvca-2020-outstanding-service-award-terry-mcguire/

Private Equity

Boston startups expand region’s venture capital footprint

This year has shaken up venture capital, turning a hot early start to 2020 into a glacial period permeated with fear during the early days of COVID-19. That ice quickly melted as venture capitalists discovered that demand for software and other services that startups provide was accelerating, pushing many young tech companies back into growth […]

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This year has shaken up venture capital, turning a hot early start to 2020 into a glacial period permeated with fear during the early days of COVID-19. That ice quickly melted as venture capitalists discovered that demand for software and other services that startups provide was accelerating, pushing many young tech companies back into growth mode, and investors back into the check-writing arena.

Boston has been an exemplar of the trend, with early pandemic caution dissolving into rapid-fire dealmaking as summer rolled into fall.

We collated new data that underscores the trend, showing that Boston’s third quarter looks very solid compared to its peer groups, and leads greater New England’s share of American venture capital higher during the three-month period.

For our October look at Boston and its startup scene, let’s get into the data and then understand how a new cohort of founders is cropping up among the city’s educational network.

A strong Q3, a strong 2020

Boston’s third quarter was strong, effectively matching the capital raised in New York City during the three-month period. As we head into the fourth quarter, it appears that the silver medal in American startup ecosystems is up for grabs based on what happens in Q4.

Boston could start 2021 as the number-two place to raise venture capital in the country. Or New York City could pip it at the finish line. Let’s check the numbers.

According to PitchBook data shared with TechCrunch, the metro Boston area raised $4.34 billion in venture capital during the third quarter. New York City and its metro area managed $4.45 billion during the same time period, an effective tie. Los Angeles and its own metro area managed just $3.90 billion.

In 2020 the numbers tilt in Boston’s favor, with the city and surrounding area collecting $12.83 billion in venture capital. New York City came in second through Q3, with $12.30 billion in venture capital. Los Angeles was a distant third at $8.66 billion for the year through Q3.

Source: https://techcrunch.com/2020/10/23/boston-startups-expand-regions-venture-capital-footprint/

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Private Equity

Alternative Investments/Real Estate: Housing Market Demand Is “Insane”

Speaking to CNBC on Power Lunch, Glenn Kelman, CEO of real estate brokerage Redfin (NASDAQ: RDFN), said he expected the current boom conditions in the housing market to last well into next year. He attributed the high demand to affluent professionals looking for remote homes as well as low interest rates. Also, he thinks some sellers will put their properties on the market only after the presidential election.

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Alternative Investments/Real Estate: Housing Market Demand Is “Insane”

https://platodata.net/wp-content/uploads/2020/10/alternative-investments-real-estate-housing-market-demand-is-insane.jpg

Redfin CEO Glenn Kelman says the boom could last into next year.

Speaking to CNBC on Power Lunch, Glenn Kelman, CEO of real estate brokerage Redfin (NASDAQ: RDFN), said he expected the current boom conditions in the housing market to last well into next year. He attributed the high demand to affluent professionals looking for remote homes as well as low interest rates. Also, he thinks some sellers will put their properties on the market only after the presidential election. (CNBC)

Kelman: Too good to last forever

“This level of demand is absolutely insane. I would expect it to last into 2021, at least,” Kelman said.

Recent data from the National Association of Realtors shows up the strength in the housing market.

Existing home sales shot up 9.4% in September beating expectations. Even though the median purchase price of a home rose approximately 15% year over year, there is just a 2.7-month supply of for-sale homes, showing tight market inventory conditions.

The 30-year fixed-rate mortgage averaged 2.80% for the week ending Oct. 22, down from 2.81% in the previous week and 3.75% a year ago, according to the Freddie Mac Primary Mortgage Market Survey. Therefore, mortgage rates crept even lower in the latest week.

However, “there’s no way it can last forever,” Kelman warned of the bullish conditions.

Canada: Off the charts

Meanwhile, at the northern neighbor, home sales activity in September is described as “off-the-charts.”

Housing data released by the Canadian Real Estate Association (CREA) last week showed a nationwide year-over-year increase in sales of 45.6%.

This was a new all-time monthly record for the third month in a row.

“This is starting to sound like a broken record (about records being broken), but Canadian home sales and prices set records once again in September … as they did in July and August,” said Shaun Cathcart, senior economist at CREA, in a statement.

Real Estate ETFs in the U.S.

The year-to-date performance of some real estate ETFs is shown below:

iShares U.S. Home Construction ETF (ITB)              +24.61%

SPDR S&P Homebuilders ETF (XHB)                          +20.83%

Vanguard Real Estate Index Fund ETF                      -13.91%

It may be noted that despite the boom conditions in housing, real estate ETFs and stocks have declined in recent days.

According to Barron’s, this may be due to yields on the 10-year and 30-year Treasuries moving higher in recent weeks.

Other reasons could be fears of inflation ticking up in the future amidst an improving economic situation.

Nevertheless, the view is that interest rates are likely to remain low for longer. So demand may remain strong.

“Part of what is fueling this boom is that the economy has just split into two and rich people are able to access capital almost for free, so, of course, they’re going to use that money to buy homes,” said Redfin’s Kelman.

Related Story:   Mortgage Rates Set Another Record Low; Real Estate ETFs Could Benefit

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Source: https://dailyalts.com/alternative-investments-real-estate-housing-market-demand-is-insane/

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Private Equity

Asda’s new owner EG Group seeks new leadership ahead of IPO – report

EG Group is owned by the billionaire Issa brothers and the private equity firm TDR Capital, who teamed up for a £6.8 billion takeover of Asda last month

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UK grocer Asda Group’s new owner EG Group is looking for a new chairman and independent directors as it prepares for a £10bn initial public offering, The Timesreports.

EG Group is owned by the billionaire Issa brothers and the private equity firm TDR Capital, who teamed up for a £6.8 billion takeover of Asda last month.

The move comes after Deloitte resigned last week as the company’s auditor because of concerns over the group’s governance and lack of internal controls, according to the publication.

A decision on candidates will be taken before the end of this year, although roles haven’t been finalised yet as the company is in the process of deciding whether to float in the UK or the US, The Times reports.

Write to Barcelona editors at barcelonaeditors@dowjones.com

From Dow Jones Newswires

Source: https://www.penews.com/articles/asdas-new-owner-eg-group-seeks-new-leadership-ahead-of-ipo-reports-20201023

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